The Federation Account Allocation Committee (FAAC) has reported that a total sum of N714.629 billion was shared to the three tiers of government from the March 2023 federation account revenue.
The committee’s disclosure was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for April 2023.
The FAAC reported that the N714.629 billion total distributable revenue comprised distributable statutory revenue of N497.448 billion, distributable Value Added Tax (VAT) revenue of N202.693 billion and Electronic Money Transfer Levy(EMTL) of N14.488 billion.
In addition, it also indicated that in the month under review, the total deductions for cost of collection was N31.355 billion and total deductions for transfers, refunds and consultancy fees was N126.567 billion.
The FAAC also reported that as the date of d meeting, the balance in the Excess Crude Account (ECA) was $473,754.57
The figures in the communiqué further reflected that from the total distributable revenue of N714.629 billion; the Federal Government received N276.141 billion, the State Governments got N232.129 billion and the Local Government Councils received N171.257 billion while a total sum of N35.102 billion was shared to the minerals-producing states as 13% derivation revenue.
The FAAC stated: “Gross statutory revenue of N638.673 billion was received for the month of March 2023. This was higher than the sum of N487.106 billion received in the previous month by N151.567 billion.
“From the N497.448 billion distributable statutory revenue, the Federal Government received N243.564 billion, the State Governments received N123.539 billion and the Local Government Councils received N95.243 billion. The sum of N35.102 billion was shared to the relevant States as 13% derivation revenue.
“For the month of March 2023,, the gross revenue available from the Value Added Tax (VAT) was N218.786 billion This was lower than the N240.799 billion available in the month of February 2023 by N22.013 billion”, it added.
According to the committee, the Federal Government received N30.404 billion, the State Governments received N101.347 billion and the Local Government Councils received N70.943 billion from the N202.693 billion distributable Value Added Tax (VAT) revenue in the month under review.
Also, it explained that of the N14.488 billion Electronic Money Transfer Levy (EMTL) the Federal Government received N2.173 billion, the State Governments got N7.244 billion and the Local Government Councils were allocated N5.071 billion.
The FAAC noted that in March 2023, revenues from Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties, Electronic Money Transfer Levy (EMTL) increased remarkably while Value Added Tax (VAT) collection significantly decreased.
